Toyota Motor will make another major strategic shift in the coming months. The $250 billion Japanese carmaker in December dramatically increased its electric-vehicle ambitions. But the company run by Akio Toyoda is still devoting as much investment to hybrid vehicles. That is about to change.
Its lobbying pressure appeared to pay off in Australia, where Toyota enjoys a 20% market share. The government’s “Future Fuels Strategy”, unveiled in November at the company’s Hydrogen Centre in Melbourne, assumes hybrids will make up most of the electric cars on the country’s roads by 2030.
But that would only cumulatively reduce transportation greenhouse gases by just one month’s worth of emissions at 2019 ratesUntil recently, shareholders didn’t sweat these points. Aside from the occasional blip, Toyota’s stock over the past decade generally traded between 9 and 12 times forward earnings estimates, well ahead of traditional rivals, as befitting its market-leading pre-tax margin.
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